Crisis stricken Venezuela is set to share its economic data with the International Monetary Fund (IMF) for the first time in two years, since its economic problems became severe, in order to avoid penalties that could include the exclusion of the IMF.
According to two people with direct knowledge over the matter, crucial economic statistics will be passed onto the IMF by the central bank of Venezuela by a deadline of November 30.
In May, the IMF issued a declaration of censure against the South American country after it failed to provide adequate data and implement remedial measures, stating it would meet again six months later to monitors Venezuela’s progress.
Despite having the world’s largest reserves of crude oil, Venezuela’s oil production is also in crisis, with production in October plummeting by another 40,000 barrels per day (bpd) to just 1.171 million bpd.
Last week, Fatih Birol, Executive Director of the International Energy Agency (IEA), warned this could soon drop below 1 million bpd.
Venezuela has suffered from years of mismanagement and underinvestment in its oil industry, despite being one of the five founding members of OPEC, which has led to a steep decline in production and the country’s economy.
Data from the IMF suggests Venezuela’s economy will collapse by 18% this year with inflation at 1,370,000%.